QCOSTARICA — As occurred with the customers in Coopeservidores, in the Desyfin case there will be a group of them who have deposited more than ¢6 million colones. Thus, in the event the financial institution is not viable, they will may lose part of all of their savings.
For the group of savers with balances of ¢6 million colones or less, some 75% of the 4,200 depositors, will benefit from the Fondo de Garantía (Guarantee Fund) and will be able to recover all of their money.
The general superintendent of financial institutions, Rocío Aguilar, said that these are preliminary calculations, following the intervention by the Superintendencia General de Entidades Financieras (SUGEF) – General Superintendence of Financial Institutions – that began on Tuesday, August 13th and will run for 30 days. However, the intervention team may request a 30-day extension.
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Authorities of the National Council for the Supervision of the Financial System (CONNASIF), the General Superintendence of Securities (SUGEVAL) and the the SUGEF provided numbers on Desyfin:
- Of the Desyfin Financial Group (Financial, Leasing and Insurance Brokerage) only the Financial Company is intervened. However, it represents 96% of the group’s assets.
- 20% of the Financial Company loan portfolio had undervalued estimates, that is, it was in worse condition than the entity had reflected in its statements
- The new estimates show the financial institution losing more than 50% of the capital
- Also as a consequence, this generates a direct effect on the level of capital adequacy, which remains below 8%, considered a level of irregularity three.
- The financial institution has total assets of around ¢196 billion colones and a loan portfolio of ¢122 billion colones.
- As of June 2024, the year-on-year losses were around ¢4 billion colones
- The entity has 4,200 creditors
- Desyfin has 163 employees
Reasons for the intervention
The review carried out by Sugef points out a series of situations that support the intervention of the financial institution, according to the Organic Law of the Central Bank of Costa Rica, Law 7558. These are:
- Non-compliance with the standards of capital adequacy: The entity shows an indicator below the prudential minimum of 8%, due to the decrease in the base capital when adjusting the risk classification of the debtors.
- Reduction of more than 50% of the equity: given the losses of the entity as a consequence of the deficit in the specific estimates required for the credit portfolio.
- An administration that puts the security and solvency of the entity at risk: since there is weak loan management, inconsistencies in the information provided, limited work by the Internal Audit and the obstruction of the supervision tasks.
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